- A smart whale bought 6,070 BTC for $395 million, marking his first purchase in 1.5 years.
- Large holders sold over $1.2 billion worth of BTC, likely through brokers.
Recently, Lookonchain reported that a smart whale made news by buying 6,070 BTC valued at $395 million during a market downturn. The whale has not bought Bitcoin in 1.5 years, so this big buy is a calculated play in the erratic cryptocurrency market.
A smart whale bought 6,070 $BTC($395M) in the recent market drop!
This whale bought ~41K $BTC($794M) in the 2022 bear market at an average price of ~$19K.
He then sold 37K $BTC ($1.74B) at an average price of $46.8K in the 2023 and 2024 bull markets, making more than $1B!
This… pic.twitter.com/hBxxtlizgh
— Lookonchain (@lookonchain) June 20, 2024
Bitcoin’s Historic Purchases and SalesÂ
This thing had before shown remarkable intelligence in Bitcoin trading. In the 2022 bear market, they paid $794 million for about 41,000 bitcoins, or $19,000 per coin.
Averaging $46,000 per BTC, they sold 37,000 BTC for $1.74 billion during the bull markets of 2023 and 2024. The whale’s over $1 billion profit from this wise trading served as evidence of its extraordinary market foresight.
The last few weeks have seen a lot of strain on bitcoin. Apart from swings brought on by the US CPI and FOMC pronouncements, BTC is currently trading at about $65,400, exhibiting little noteworthy volatility.
Meanwhile, CoinMarketCap data shows that the current price of BTC is about $65,839.39, slightly up 0.86% from the previous day. It has, meanwhile, continued to show a bearish trend during the last seven days, falling by 2.69%.
The whale’s most recent acquisition, made during a period of market stagnation, demonstrates their strategic sense.
According to Lookonchain, the whale was able to successfully take advantage of market trends as majority of its sales happened at premium price points.
There has been market pressure lately since some wallet users have sold off their BTC holdings. The sellers have included miners and long-term BTC owners, claims CryptoQuant.
Meanwhile, as previously reported by ETHNews, Grayscale led the way with $62.34 million of the $152 million net outflow from US-spot Bitcoin ETFs in the last three days. Big holders are said to have sold Bitcoin valued at over $1.2 billion, most likely through brokers.